GoBear provides users with access to a range of products, including insurance, banking, and loans, through its financial supermarket via a network of over 100 partners.
GoBear said it will introduce “lending-as-a-service” to its network of more than 100 partners, helping them offer loans to underserved consumers in Southeast Asia and Hong Kong. It will also expand its direct consumer lending service through AsiaKredit’s Pera247, a consumer lending app in the Philippines.
According to a statement, GoBear plans to expand its regional reach and drive growth through digital lending.
According to Adria Chng, CEO of GoBear, “The establishment of industry-leading lending business is a critical component of GoBear’s strategy to support our banking partners in providing loans to the many underserved consumers in Asia,”
“The acquisition will allow GoBear to accelerate strategic plans by giving us access to end-to-end digital lending capabilities,” he added.
The financial marketplace has served over 40 million customers in the seven Southeast Asian markets in which it operates. While, AsiaKredit provides end-to-end digital products to consumers in the Philippines, with over 1 million loan applications processed to date.
Given the COVID-19 pandemic, GoBear also noted that it will become increasingly important to provide consumers with access to credit, as economic growth in developing countries may decline.